The House of Representatives has passed a legislation for levying a tax on bonuses granted to employees of companies, which have received at least $5 billion from the US Federal government's financial bailout packages.

The legislation would impose a new 90 per cent tax on bonuses received by employees of companies which received funds from the Troubled Asset Relief Program (TARP), according to the details of the Bill available on the website of the House of Representatives.

The tax would also apply to any bonus given after December 31, 2008. It would apply to people who earned more than $2,50,000 ($1,25,000 for married couples filing individually) from companies that have received over $5 billion through TARP.